Deducting Self Employment Tax?

[Malmom]

i do my taxes myself and use TurboTax. I came across an article tonight that said self employed people could deduct a portion of their self employment tax. Is this correct for us? And how would I go about claiming that deduction- where would I enter that on turbotax?

Also, my husband and I purchased a new bed and mattress set. I will sometimes (on average 1-2 days a week) let kids who won't take a nap lay down on my bed and watch tv. We paid around $2500 for the bed and mattress. Can I claim depreciation on this?

[TomCopeland]

self employment tax

i do my taxes myself and use TurboTax. I came across an article tonight that said self employed people could deduct a portion of their self employment tax. Is this correct for us? And how would I go about claiming that deduction- where would I enter that on turbotax?

Also, my husband and I purchased a new bed and mattress set. I will sometimes (on average 1-2 days a week) let kids who won't take a nap lay down on my bed and watch tv. We paid around $2500 for the bed and mattress. Can I claim depreciation on this?

You can deduct one half of your self employment tax on Form 1040, line 27. Turbo Tax will do this automatically. Depreciate your bed over 7 years and use the 50% bonus depreciation rule.

[lilcupcakes09]

Interesting about the self employment taxes. I just looked at my 2013 return and the only thing listed on my form 1040, line 27 is the amount of my meals I was claiming for the standard meal deduction.
Tom, is this correct or would you be able to look over last years return for me before filing my 2014 return? I'm willing to pay a fee, my appt is not until the end of March....
Thank you

[TomCopeland]

self-employment taxes

Interesting about the self employment taxes. I just looked at my 2013 return and the only thing listed on my form 1040, line 27 is the amount of my meals I was claiming for the standard meal deduction.
Tom, is this correct or would you be able to look over last years return for me before filing my 2014 return? I'm willing to pay a fee, my appt is not until the end of March....
Thank you

You are referring to Schedule C, line 27 where your food expenses went. Check your Form 1040 Individual Income Tax Return, line 27 to see if you deducted half of your self employment taxes.

I only review tax returns for providers who are members of The Child Care Business Partnership. It's a free service for members only. See more about this: http://www.typepad.com/site/blogs/6a...eb97d970b/edit